Nevada board gives initial approval to IGT-Everi megadeal
Summary
The Nevada Gaming Control Board has granted initial approval for a significant merger between International Game Technology (IGT) and Everi Holdings, backed by Apollo Global Management. The merger, worth $6.3 billion, aims to reshape the gaming supplier landscape and is anticipated to close by the end of June.
Key Points
- The merger could significantly alter the competitive landscape in the gaming supplier sector.
- IGT and Everi’s combined entity will maintain the IGT brand but take the new business private.
- Apollo aims to address the margin gap between IGT and its competitors like Aristocrat and Light & Wonder.
- The completion of this deal requires approvals from additional jurisdictions beyond Nevada.
- Fitch Ratings has maintained Everi’s default rating and predicts strong performance for the merger.
Why should I read this?
If you’re in the gaming industry, this deal is a big deal. It’s not just about corporate mergers; it could change the way suppliers operate and innovate. Understanding the implications of this merger gives you a heads up on industry shifts that could affect your business strategies and partnerships. So, do yourself a favour and dig in!